SLM Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SLM Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating expenses	385	449	557	574	538	519
Interest expense	186	308	522	708	542	382	543	1,030
Pre-tax income	414	491	559	744	1,154	1,540	631	778	799	993
Income tax	164	203	71.9	165	273	380	162	197	190	248
Net income to minority interests	0
Net income	250	289	487	578	881	1,161	469	581	608	745
EPS, basic	0.54	0.63	1.08	1.31	2.27	3.67	1.78	2.44	2.73	3.52
EPS, diluted	0.53	0.62	1.07	1.30	2.25	3.61	1.76	2.41	2.68	3.46
Shares, basic (weighted)	428	431	435	427	384	315	258	231	216	207
Shares, diluted (weighted)	433	439	440	431	387	320	262	234	220	211
Dividend per share		0.00	0.00	0.12	0.12	0.20	0.44	0.44	0.46	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,919	1,534	2,559	5,564	4,455	4,335	4,616	4,150	4,700	4,241
Property, plant and equipment	87.1	89.7	106	135	155	151	141	130	119	122
Goodwill							51	56	56	56
Intangible assets							67.6	12.6	7.43	3.87
Total assets	18,533	21,780	26,638	32,686	30,770	29,222	28,811	29,169	30,072	29,746
Short-term debt	0	0	0	289	0	0	0	0	0	498
Total liabilities	16,186	19,305	23,666	29,375	28,208	27,072	27,084	27,289	27,912	27,295
Total debt	2,168	3,275	4,284	4,354	5,189	5,931	5,235	5,228	6,440	5,362
Paid-in capital	1,176	1,222	1,275	1,308	1,331	1,074	1,109	1,149	1,194	1,240
Retained earnings	595	868	1,340	1,851	1,722	2,817	3,164	3,625	4,114	4,734
Treasury stock	-67.5	-108	-143	-325	-799	-2,061	-2,790	-3,156	-3,422	-3,823
Other comprehensive income	-8.67	2.75	10.6	-12.4	-34.2	-17.9	-93.9	-75.1	-65.9	-40.1
Shareholders' equity							1,727	1,881	2,160	2,451
Total equity	2,347	2,474	2,973	3,312	2,563	2,150	1,727	1,881	2,160	2,451
Total liabilities and equity	18,533	21,780	26,638	32,686	30,770	29,222	28,811	29,169	30,072	29,746
Shares outstanding	429	432	436	421

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	250	289	487	578	881	1,161	469	581	608	745
Depreciation and amortization	9.59	11.2	13.8	14.7	15.1	16	17.3	17.8	17.7	16.2
Stock-based compensation	22.9	27.9	31.5	30.6	36.5	30.6	34.5	36.4	40	40.6
Deferred income tax	-88.7	-58.8	-63.3	-9.71	72.8	55.4	-93.7	-23.2	-34.3	50.3
Change in receivables			0	0	-194	0	0
Cash from operations	-199	-171	-103	-15.6	-183	-49.5	4.99	-145	-329	-399
Purchases of investments	-55.8	-78.3	-15.9	-356	-2,083	-1,257	-753	-106	-91.9	-81.3
Cash from investing	-3,309	-3,160	-3,255	-2,307	947	2,605	1,077	-12.5	676	1,047
Debt issued								1,140	2,216
Stock issued	0.2	0.1	0.4	0	0	0			1	1
Share buybacks		0	0	-167	-558	-1,531	-713	-350	-248	-369
Dividends paid	-21.2	0	0	-51.1	-46.4	-60.5	-113	-101	-99.2	-108
Cash from financing	3,036	2,995	4,403	5,361	-1,876	-2,620	-855	-316	228	-1,104
Net change in cash	-472	-336	1,046	3,039	-1,111	-64.4	227	-473	575	-456
Interest paid	170	269	472	666	517	360	483	963	1,109	1,112
Income taxes paid	272	282	228	202	248	261	273	192	243	167

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $73.90 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	22.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	16.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	29.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	34.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-11.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.4%	Total debt / total assets.
Liabilities / assets	91.3%	Total liabilities / total assets.
Net debt	$1.26B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.42B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	-$1.70	Cash from operations / diluted weighted shares.
Book value per share	$13.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.69	Tangible book value / shares outstanding.
Cash per share	$24.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.89B	Share price x shares outstanding.
Enterprise value	$15.15B	Market cap + total debt - cash - short-term investments.
P/E	18.9x	Market cap / net income. Only when net income is positive.
P/B	5.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.75x	Market cap / tangible book value, when positive.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	4.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.75x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was SLM Corp profitable in fiscal 2025?

Yes. Net income was $744.8M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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